Enterprises, 400 million fund for companies in difficulty set up: how it works

A 400 million euro fund has been set up at the Ministry of Economic Development to support large companies that are in a situation of temporary difficulty due to the Covid emergency. This is foreseen by the implementing decree of the Minister of Economic Development, Giancarlo Giorgetti, which was signed in agreement with the Minister of Economy and Finance and sent to the Court of Auditors for registration. This is a rule, Article 37 of the Sostegni decree, which aims to support the resumption and continuity of the activity of companies that operate on the national territory and which are also in extraordinary administration. The law allows, in fact, the Mise to intervene, through the Fund managed by Invitalia, with the granting of subsidized loans that will be repayable in 5 years, in order to guarantee continuity to companies with a number equal to or greater than 250 employees and which have a turnover exceeding 50 million euros or a balance sheet exceeding 43 million. The granting of the subsidized loan is subject to the presentation of a plan to relaunch the company, also in order to protect employment. Finally, the measure requires authorization from the EU Commission in compliance with the rules on state aid. “Conditions exceptional ones require special responses: this is what I have argued from day one at Mise with regard to the disastrous consequences suffered by the business world due to the pandemic “, said the Minister of Economic Development, Giancarlo Giorgetti. “By nature, nature and training I do not believe in welfare measures as an end in themselves – he adds – but I believe that in a moment like this, which has now lasted for a year and a half, no one can be left alone. The special fund provided for by the support decree , the famous article 37 that I strongly wanted, really wants to be a bridge for all those companies that are in temporary difficulty but are able to walk on their legs in moments of normality “. In compliance with the rules in force, the possibility of subsidized loans, concludes the minister, “is a concrete and immediate response that we wanted to give to the world of industry, which asked us with determination”.